Real estate is taxed in two ways: 1) Annual property taxes, 2) Capital gains tax when the property is sold. Upon a homeowner’s death, there may be significant ramifications to both types of taxes.........
Uniforms are a commonly misused and abused tax deduction. The IRS says work clothes are only deductible as “uniforms” if they are not suitable for everyday wear. So does your work attire qualify as a “uniform” for tax purposes?
This article is a follow up on our posting two months’ ago as the IRS has released some updates on taxes as it relates to same-sex marriages. Click here to view the previous article that includes initial DOMA (Defense Of Marriage Act) guidelines. Then read below to learn about the IRS’ most recent release on same-sex marriages.………
Clients often ask us how much money they can give to others without facing gift taxes. See below for a detailed explanation of how you can avoid paying Uncle Sam for these gifts.........
On June 26, 2013, the Supreme Court made some changes to the Defense of Marriage Act (DOMA). The decision has several tax implications for those affected. Read below for more.........
We are often asked the age limit on claiming a child as a dependent. To be claimed as your dependent, an individual must meet the qualifying child test OR the qualifying relative test. While the child's age is a factor in the qualifying child test, it is not in the qualifying relative test.........